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position, the estate argues:
By an Agreement executed on December 31, 1981,
between Mellon, the Trustee as to the Deed of Trust and
the six beneficiaries named in the Deed of Trust:
A. The six separate trusts for each such benefi-
ciary were merged into one fund.
B. No principal whatsoever from such single fund
could be distributed to any beneficiary ex-
cept that at the request of Robert E. Wright,
the attorney in fact for each beneficiary,
Mellon was required to make equal distribu-
tions of principal to each beneficiary not to
exceed $5,000.00 to each.
C. Although all said beneficiaries had the power
to direct said attorney in fact to request
such distribution of principal, no one of
them had such right.
The effect of the above provisions is that Mrs.
Greve could only withdraw $5,000.00 per year from the
now single trust established in the Deed of Trust in
conjunction with five persons each of whom having a
substantial interest in such single trust and each of
whom, for this purpose, having an interest in such
single trust which was adverse to exercise of the power
in favor of Mrs. Greve.
Clearly, no one beneficiary of such single trust
was given the right to unilaterally withdraw principal
therefrom to the exclusion of any other beneficiary
because any such unilateral withdrawal would adversely
affect the other beneficiaries.
* * * * * * *
It is respectfully submitted, by reason of * * *
[section 2041(b)(1)(C)(ii)] that Mrs. Greve did not
possess a general power of appointment as to said
$5,000.00 and that such sum is not an asset of her
11(...continued)
to respondent as a result of, the estate’s raising that issue for
the first time on brief.
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